istockphoto 1292533844 170667a
blog Finance

Don’t Buy Into These “Trends” About Doge Coin Price

The dogecoin price is currently sitting at a high of about $0.00763, and at the time of this writing, it has a market cap of over $234 million USD. 

This means that the dogecoin price is higher than 4% of all other cryptocurrencies in existence right now and ranks as the 327th largest cryptocurrency for market capitalization alone. 

It’s absolutely no wonder that cryptocurrencies like dogecoin are exploding!

However, if you’re wondering whether or not you should invest your money into this altcoin, it might help to know what ereasons to buy and sell DOGE today.

The sogecoin is also something I have been using for years to help me remember where I am, what is important, and what to do next. 

What is Dogecoin?

Dogecoin was first introduced to the cryptocurrency community as a joke. Its logo features a Shiba Inu dog and it’s named after an internet meme that was popularized in 2013. 

However, despite its silly origins, dogecoin has quickly become one of the most popular cryptocurrencies on the market right now and has even inspired the creation of similar currencies like CATO and PIZZA coin (yes, you read that correctly).

Here are some points discussed about Doge coin-

1. It is fast and has low transaction fees

Dogecoin transactions are processed immediately like bitcoin transactions, but that’s not the only thing that makes it different. 

Unlike other altcoins, dogecoin does not require an invitation to mine. The way this works is that you can make the computer you’re using to mine dogecoin find blocks by turning it on whenever you go online. 

The process is much like bitcoin mining, but it uses smaller mining calculations than bitcoin to generate new coins.

Dogecoin also has very low transaction fees. According to the dogecoin website, only 0.0005 doge is deducted per individual transaction. 

That’s drastically lower than most altcoins that charge anywhere between 0.1%-0.5% per transaction, and it makes dogecoin an excellent choice for microtransactions.

2. It is fast to send funds

According to the dogecoin website, the average time to complete a transaction with dogecoin is around 6-10 seconds (if paypal was faster, it would be at 6-7 minutes). 

That’s compared to around 30 minutes for transactions with bitcoin and at least a few hours for transactions with other altcoins. 

This speed is especially great if you’re sending microtransactions because dogecoin can help you send funds much faster than other cryptocurrencies.

3. It has a strong community backing it

The dogecoin community is very large and has been growing steadily since its launch in early 2014. 

In fact, people have been referring to the dogecoin era as the Age of Shibe as they repeatedly increase the amount of doge they start minting as time goes on.

4. It is based on the origins of a meme and a dog

Dogecoin has its origins in a joke that began as an internet meme, called “doge.” The original joke made fun of Chinese people who thought they were rich because they owned a dog. 

The premise is as follows: if one has a dog as one’s pet, it’s like having an invisible friend (in this case, the dog). 

Then, if you eat your dog or give your dog away to someone else, then you’re saying that you don’t value your friend anymore.

As for the Shiba Inu dog, the dogecoin logo images bares its face (yes, they even gave it a name “Shibe” or “Shibe Dog.”) 

The reason the image of the dog on the logo is on there is because another internet meme involved a Shiba Inu and a girl dog said to her friend: “Why’s your dog wearing a mask?” And then her friend replied, “It’s because we’re scared that we’ll lose it one day.” So they decided to make dogecoin the official currency of the Doge Meme.

5. It is cheap and has low fees

One reason why dogecoin is cheap and has low transaction fees is that it only costs the computer that you’re using to mine dogecoin to run. 

That means you can run as many as you want as long as its power consumption isn’t too high. Dogecoin also does not require any other hardware to process transactions.

Unlike many other cryptocurrencies like bitcoin and Ethereum, which require dedicated mining machines with expensive processing units.

6. It uses a mining-based system and has a limited supply.

Dogecoin is like other cryptocurrencies like bitcoin in the sense that it relies on a completely different system for generating new coins. 

Dogecoin uses a process called mining, which works by having computers find solutions to hash algorithms that ultimately generate new dogecoins. 

The algorithm was changed to make it more difficult to mine dogecoin as time went on

Aaron Finch
There are many labels that could be given to describe me, but one thing’s for certain: I am an entrepreneur with passion. Whether it's building websites and social media campaigns for new businesses or traveling the world on business trips - being entrepreneurs means constantly looking at yourself in a different light so as not get bored of your own success!